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Suppose that you invest $15,000 into a high yield savings account that earns 2.1\% annual interest and is compounded monthly. If you do not deposit or withdraw any money from the account, how much money will be in the account after 8 years? Show your equation. Round your answer to the nearest cent. (5 Points )

Respuesta :

mhanifa

Answer:

  • $17741.44

Step-by-step explanation:

Given:

  • Investment P = 15000
  • Interest rate r = 2.1% PA or 0.021 PA
  • Compound number n = 12 PA
  • Time t = 8 years

Find the total amount:

  • A = P(1 + r/n)^(rn)
  • A = 15000(1 + 0.021/12)^(8*12) = 17741.44

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